Nigerian fintech startup Grey has announced its expansion into Kenya, with plans to target the country’s large diaspora remittance market and the growing gig economy.
The company, which was founded in 2021 and is backed by Y Combinator, offers a mobile app that allows users to send and receive international payments quickly and easily.
Grey also provides virtual international bank accounts and cards, which can be used to make payments online or in stores.
In Kenya, Grey will focus on targeting diaspora remittances, which are estimated to be worth $3.7 billion annually. The company will also target the country’s growing gig economy, which is estimated to employ over 36,000 people.
“Kenya is a strategic market for Grey,” said CEO Idorenyin Obong.
“The country has a large and growing diaspora remittance market, as well as a vibrant gig economy. We believe that our platform can provide a valuable service to both of these markets.”
Grey is the latest fintech startup to expand into Kenya. In recent years, the country has become a hub for innovation in the financial technology sector. This is due in part to the country’s strong regulatory environment and supportive government policies.
The expansion of Grey is a positive sign for the Kenyan fintech sector. It shows that investors are still confident in the country’s potential, even in the face of the global economic slowdown. It also suggests that there is still a strong demand for fintech solutions in Kenya.
Grey is well-positioned to succeed in Kenya. The company has a strong team with experience in the fintech sector, as well as a proven track record of success. Grey’s platform is also innovative and user-friendly, which will make it appealing to both diaspora remitters and gig workers.
The expansion of Grey is a welcome development for the Kenyan economy. It will help to boost financial inclusion and create jobs in the country. It will also help to make Kenya a more attractive destination for foreign investment.
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